Trader allegedly absconds with clients’ $2,900

A foreign exchange (forex) trader, Olufemi Oluwade, who allegedly absconded with two of his clients’ $2,900 dollars (about N1.1million), was on Wednesday brought before an Ikeja Magistrates’ Court.

Oluwade, 39, of 5, Oyawale Street, Idimu, Lagos, was arraigned by the police before Mr. A. I. Abina on a two-count charge of stealing and obtaining money under false pretence.

Prosecuting Sergeant Ishola Samuel alleged that Oluwade committed the offence in May on Obafemi Awolowo Way, Ikeja.

He alleged that the defendant obtained $2,900 from the complainants, Olamide Fashipe and Wilson Emele, with a promise to invest it in forex trade business.

The court heard that Oluwade absconded after collecting the money.

Oluwade pleaded not guilty.

Magistrate Abina granted him N200, 000 bail with one “responsible” surety in the like sum, among other terms.

The case continues on August 28.